Money transfer credit cards

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What is a money transfer credit card?

You can take money from a money transfer card and pay it directly into your current bank account. Essentially, this means you can borrow cash from your credit card.

A money transfer card is often used to move debt from your bank account to your card. This can reduce the amount of interest you pay, since some money transfer cards offer a 0% rate for a set promotional period. However, you may need to pay a fee to the lender, and it’s a good idea to pay off the card before the 0% period ends.

What’s the difference between a balance transfer and a money transfer?

A balance transfer card lets you move debt from your credit cards, whereas a money transfer card lets you move debt from your bank account. So, a money transfer card could be a useful option if you want to either:

  • Pay off something that isn’t credit card, such as an overdraft
  • Give yourself a 0% cash loan for a set period

Both balance transfer and money transfer cards may offer a 0% promotional period, which can last anywhere between 6 to 40 months. Either of them may cost a fee to use, and they’ll usually require a minimum payment each month.

How can I get a money transfer credit card?

It’s relatively simple to apply for and use a money transfer card. You can usually apply online in about 10-15 minutes, although there may be alternative routes depending on the lender. Be prepared to answer questions about your personal details and financial circumstances. You may need to provide proof of identity and other documentation. Learn more about applying for a credit card here.

Finding the right card can be a trickier task. So, here are some useful steps to take when deciding to get a money transfer card:

1. Ensure a money transfer card is right for you

Before you apply for a money transfer card, do your research to ensure it’s the right option for you. Think about your existing debt, living expenses (e.g. bills, rent, travel and food), and income – can you comfortably afford credit card repayments and fees? And will you be able to pay off the card before the 0% interest rate period is up? If not, the standard interest charges could make a money transfer card an expensive option.

2. Find a credit card that fits you

See what credit cards deals are on offer and compare them. Make sure you check the features, APR and terms carefully before you apply.

3. Consider improving your score

If you find you’re not eligible for the card you want, you may want to try and improve your credit score. Start by checking your Experian Credit Score with a free Experian account, to get an idea of where you stand with lenders. Then get your Experian Credit Report to understand what’s affecting your score, and what you can do to increase it. Learn more about improving your score here.

Managing your credit card once you have it

Successfully got a money transfer card? Make sure you look after it. A well-managed card can show lenders you’re a reliable borrower, and raise your credit score. However, a badly managed card can end in debt and a damaged score. Here are our top tips for caring for your credit card:

  • Ensure you meet all minimum monthly payments on time and in full. You might like to set up a direct debit, so you don’t forget to pay. Late or missed payments could mean forfeiting a 0% deal and having to pay higher interest rates
  • Schedule your payments to go out on your pay day, as this can help you budget better
  • Pay more than the minimum amount if you can, as you’ll save on interest fees
  • Try to pay the full amount off before the promotional period ends, or you may end up paying high interest rates
  • Try not to add to your existing debt while paying off your money transfer credit card, as this could look bad to lenders and damage to chances of getting credit again in the future
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